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本文采用配对样本的方法,比较了1998—2004年赴香港上市的AH股公司、赴B股市场上市的AB股公司及其配对的A股公司在A股市场上估值的差异。实证检验发现,境内公司赴香港和B股市场上市都可以获得市场溢价,而AH股面临比AB股更严格的法律监管,导致AH股公司的溢价程度比AB股公司更高。研究结果表明,我国企业境外上市具有捆绑作用,投资者保护越高,溢价程度越高,从而支持了境外上市的捆绑理论。
This paper uses the method of paired samples to compare the differences in the valuation of A-share market among AB-share companies listed in Hong Kong stock market, AB stock companies listed in B-stock market and their counterpart A-share companies from 1998 to 2004. Empirical test found that domestic companies go to Hong Kong and B-share market can get a market premium, while AH shares are facing more stringent than the AB shares legal supervision, resulting in a premium AH shares higher than the AB company. The results show that the overseas listing of Chinese enterprises has a binding role, the higher the protection of investors, the higher the premium, thus supporting the bundling theory of overseas listing.